HSBC plans to wind down its retail banking and wealth management business in South Korea. (Flickr, by Cory Doctorow)
HSBC Holdings Plc plans to wind down its retail banking and wealth management business in South Korea as it seeks to revive profitability. Europe’s biggest lender plans to close 10 of its 11 branches in Korea pending regulatory approval, according to a statement from the London-based bank today. Plans by the U.K. lender to withdraw from retail banking in Korea suffered a blow when KDB Financial Group Inc.
Source: Bloomberg (link)
